Is it really No Win No Fee?
Yes, your claim is handled on an absolutely no win no fee basis. This means if we file the claim with the relevant body (typically the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman (FOS) and once adjudicated if the claim is unsuccessful, there are absolutely no fees or charges.
Why do your terms of business mention hourly rates of charge if it is a No Win No Fee?
We are obligated by our regulator the Solicitors Regulation Authority (SRA) to outline our hourly rates of charge. These rates of charge do not apply to claims made to the FSCS or FOS, as these are managed purely on a ‘success fee’ basis as outlined above. The only time you would be charged the hourly rate of charge is if you decide to cancel the agreement after we had done the work, compiled the claim and submitted it to the relevant body. This is there to protect us, as if our clients were allowed to cancel the agreement with no recourse, we would be open to doing all of the work on your behalf and clients could simply cancel just before we are due a decision in an attempt to avoid paying our success fee. If you let us do our job and see the claim through to the finish, as above, there are only two possible outcomes. These are; successful claim, you are charged the fixed percentage success fee OR unsuccessful claim, there are no fees or charges to pay.
Do I need evidence?
No, you don’t need to provide evidence as part of your claim. For the vast majority of claims we manage, we are able to access transactional records and relevant documents via an electronic Data Request made to relevant connected parties. These include but are not limited to the Firm’s administrators, external platforms and custodians, banks.
Will I be charged if I don’t have evidence?
No. If you don’t have any evidence and we can’t find any through our requests, then there are absolutely no fees or charges. If we can’t find evidence and you don’t have any, we will simply advise you of this and explain why we cannot look into the matter any longer. There is no charge for this eventuality.
The financial firm I dealt with has gone bust – Where does the money come from?
If the firm has failed we look to recover money from the Financial Services Compensation Scheme (FSCS). The FSCS is a public compensation scheme, and an ‘insurance policy of last resort’ when the firm in question can no longer meet its obligations.
Does the claim involve litigation or lengthy court procedures?
No, for claims made to the FSCS or FOS, there is no litigation. No-one is being sued meaning no lengthy court procedures and there is no chance of any additional costs (disbursements) being incurred on behalf of claimants. As above, claims are made through FSCS and FOS which are public compensation schemes, and are more akin to making a claim on an insurance policy.
Are there any hidden charges?
No. There are no hidden fees or charges. If you allow us to do our job and manage the claim from start to finish, there are only 2 outcomes. If the claim is successful you will be charged in line with our success fee outlined in this document. The success fee is a fixed percentage amount so you can never be charged more than this amount. For example, if we only recover £10 for you as part of the claim and our success fee is 30% + VAT (36% total), then you can only be charged £3.60. We recover our success fee from the proceeds and send you the net amount, so in this instance, you would receive £6.40 net of our fees.
Will I be charged if the claim if unsuccessful?
No. In no circumstances would you be charged if the claim is unsuccessful. As above, the only time you would be charged is if you decided to cancel the agreement after we had submitted your claim in an attempt to avoid paying the success fee OR if you instructed another firm to look into the same claim at the same time as us.
How long will the claim take?
Claims made to FSCS and FOS are typically settled within 6-18 months, however sometimes the process is quicker and in some cases claims can take longer. The timescales are out of our hands, as once we have submitted the claim to the relevant body (FSCS or FOS), we await their feedback and have no means of speeding this process up.
What if I can’t remember any specific dealings?
As above, we can typically get the records we need to file the claim from relevant connected parties upon electronic request. These parties include but are not limited to the Firm’s administrators, external platforms and custodians, banks.
What are you claiming for?
We are looking to recover any losses you may have incurred as a result of an act of negligence by a third party. Third parties are usually Stockbrokers, Independent Financial Advisors and Banks. Acts of negligence vary wildly and your claim handler would be happy to provide further details of this, relevant to your claim.
How much are you claiming for?
We are claiming for any losses you may have incurred. Sometimes we can also claim for lost interest over and above the investment amount but this varies from claim to claim depending on the nature of the investment made and losses incurred.
Contact To Claim
See our Contact Page to find out more